Another couple wanting to move to Vegas (foreclosed, renters)

airics · 10-30-2009, 04:30 PM

lvd - thats about right.. when you add everything up.. and its not extravagant at all.. with my wife and I and the house, after the bills we are around 700-800 a week

las vegas drunk · 10-30-2009, 07:13 PM

Quote:

Originally Posted by airics

lvd - thats about right.. when you add everything up.. and its not extravagant at all.. with my wife and I and the house, after the bills we are around 700-800 a week

Yes, but you bought a giant 3 story house, which is where the majority of your money goes. If this couple were to rent a cheap studio or 1 bedroom apartment, and bought a cheap car that is paid off, it can be done easily.

When my mother died, I got a $14,000 inheritance. I immediately lost $5,000 trading on the forex market.

However, I lived on the $9,000 for the next 9 months before running out of money.

PinkString · 10-30-2009, 08:14 PM

Quote:

Originally Posted by las vegas drunk

All my bills and expenses come out to 10k a year, including rent, car insurance, utilities, food etc. I do not live in poverty whatsoever. These people have saved up 25k, so they can easily live on that amount for a year, and quite well on it. I personally could live on 25k for 2 and a half years.

I could live on $25,000 for at least 2 years. So you have me beat by 6 months.

MediocreButArrogant · 10-30-2009, 09:32 PM

Quote:

Originally Posted by las vegas drunk

So spending a thousand dollars a week for two people is conservative living?

That is more like extravagant living if you ask me.

It's all relative. I have a direct report who pays over $1k a week in property tax. OTOH, his daily driver is over 20 years old, and it's not a collectors car, just a domestic clunker from the '80s. Before anyone claims he can't afford the house he's in (I couldn't afford it), he paid cash for it and has zero debt.

kittypawsdl · 10-31-2009, 12:26 AM

Quote:

Originally Posted by zendrive

You are suggesting that two people can live for a year in Las Vegas on 20k? Thats simply not realistic or you dont mind living at the poverty line.

If they both have cars, rent, food, insurance, power it would get eaten up a lot quicker than that. Even assuming one (or both) cars are paid off, thats cutting it really tight to move here and try and strike a good paying job.

I'm sorry to the OP for not being positive, but Vegas is a very tough nut to crack right now, depending on your line of work, which makes all the difference.

We both have cars that are paid off, not looking to buy a house, looking for an apartment. No matter where u live, 20k?? U ARE CRAZY....just for 5-6 months??? Hello..back to planet earth..we have saved like crazy, we are not idiots here, we are going to spend wisely and try to make it I think u should look at your expenses yourself. Thanx to everyone else who gave the realistic opinions

las vegas drunk · 10-31-2009, 07:20 AM

Quote:

Originally Posted by kittypawsdl

We both have cars that are paid off, not looking to buy a house, looking for an apartment. No matter where u live, 20k?? U ARE CRAZY....just for 5-6 months??? Hello..back to planet earth..we have saved like crazy, we are not idiots here, we are going to spend wisely and try to make it I think u should look at your expenses yourself. Thanx to everyone else who gave the realistic opinions

I also know of studio apartments here that are $600 a month, and that includes ALL utilities. They are right off the strip behind Bally's.

MnMike35 · 10-31-2009, 09:01 AM

Being in the financial industry for 10 yrs now I've learned a couple things... sell when EVERYONE else is buying & buy when EVERYONE else is selling. When markets are topping out, setting new records... get out! When markets are at their worst... get in!

Looking back... the worst time to move to Vegas would have been when everyone else was & housing prices were skyrocketing. Now massive unemployment & foreclosures have followed. So as we get down to the point of when things are at the worst... may just be the time to move to Las Vegas & take the ride back up. As economy gets better... tourism will improve, jobs will follow, housing market will follow & hopefully times will be good again & we'll have learned from the past.

With the amout of savings the OP has, I say be smart look for a bottom & if you dont get a job right away use that savings to live off of. In time employment will follow & you'll be just fine.

My wife & I are looking at doing this same thing. We are looking at about 9-12 months yet.

Good luck OP! Only you & your hubby will know if it's right for you & if it's not... hey you only live once, dont go through life saying... "oh i wish we would have done this or that". Live life, move around, enjoy our country & the differences each state brings :-)

Spraynard Kruger · 10-31-2009, 06:16 PM

Quote:

Originally Posted by kittypawsdl

We both have cars that are paid off, not looking to buy a house, looking for an apartment. No matter where u live, 20k?? U ARE CRAZY....just for 5-6 months??? Hello..back to planet earth..we have saved like crazy, we are not idiots here, we are going to spend wisely and try to make it I think u should look at your expenses yourself. Thanx to everyone else who gave the realistic opinions

You never answered what line of work you are seeking. I ask because I may be able to help you.

As far as my expenses go, I simply can't relate to living on 25K for a year, not because I couldn't, but will never have to. My comments are coming from a fact based approach to living here in Las Vegas. I have no idea of your standard of living, but mine is pretty high even though my wife and I live well within my means. I do, however, live my life debt free outside of my home. As a saver talking to a fellow saver, I think I would appeal to your sense of frugality telling you as a 20 year resident that cutting it on 25K in Las Vegas, without lining up employment, is pretty risky.

I would not consider moving to Las Vegas until at least one of you had lined up employment because every month you are here, whether or not you spend $1000 or $2000, without a job you have no income and all outgo! Why risk your savings on a whim?

You are suggesting you will live at a paltry $6000 dollars above the poverty line. A transmission failure in your car will crack and scramble your savings. Do you know that Las Vegas living expenses are 8% above the national average? We rank nearly number 1 in the nation for auto insurance costs? If you want to live behind Bally's in a $600 dollar apt, thats your choice. Check out crime statistics here www.lvmpd.com. Check out the DMV website for a reality check on what it costs to register your car here, which by law have to do within 30 days.

2009 Federal Poverty Guidelines

The median income for a family in Las Vegas, according to the 2000 Census, (meaning 50% make more and 50% make less) is $58,465. Many live on less, that's for sure. There's a saying when you tell people what sounds like the truth, they love you, but when you tell them the truth, they resent you. I have seen this town chew and spit people out, but you are smart and capable I am sure.

I wish you all the best and keep us posted on the move. I would be happy to help in any way.

airics · 10-31-2009, 06:30 PM

Quote:

Originally Posted by las vegas drunk

Yes, but you bought a giant 3 story house, which is where the majority of your money goes. If this couple were to rent a cheap studio or 1 bedroom apartment, and bought a cheap car that is paid off, it can be done easily.

When my mother died, I got a $14,000 inheritance. I immediately lost $5,000 trading on the forex market.

However, I lived on the $9,000 for the next 9 months before running out of money.

actually if you figure a nice apt is around 1000. a month, my mortgage is not much more...

you can borrow 200k, at around 1300 a month...
btw. i don't consider my house giant... if i would have waited, i could have bought a 3500ft in mountains edge with a pool for under 375.

teach1234 · 10-31-2009, 11:08 PM

Right on--I saved about the same amount you did, started my own business, rented a home that got foreclosed on (yeah, my own fault, always call Clark County Recorders Office to check on the mortgage payments), now found some great apartments (send me a DM if you'd like location), and with everything that's happened here, we love it. I'd do it all again in a heartbeat. Coming from places that are perpetually dark, cold and unemployed, I just don't see the downside of Vegas. Maybe people are used to the boom years and are having trouble adjusting to more realistic conditions; moving from a village with more reindeer than people, I worried about big city rudeness but my experiences here have been with 99% of the people being helpful, friendly and polite (the notable exceptions have been the school district personnel and my a**hole landlord who hadn't paid the mortgage since April).

In my short time here, I have accumulated numbers and contacts for the Clark County Recorders Office (who can tell you if the mortgage has been paid), the Nevada Fraud Department, the Nevada Renters Legal Assistance hotline, the requirements, funds, departments and locations to open a small business, and my own impressions on various areas of the city (I furnished my 4 bedroom house and shop off Craigslist, zooming various places at all hours). If I have any info that may help you, just DM me and I will be happy to share--many members on this forum have helped me and the best way I can pay that back is to share my info with someone else.

This place is awesome--bring your best attitude and a willingness to work and I just don't see how it can go wrong. In my case, it was a gamble, but what better place to do that than Vegas? Good luck!